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exploded during the bush years, obama added on top of that. let's remember all the sequester does is shave off a little bit of the built-in growth of government spending. over the next ten years, the budget, even with the sequester, will go from $3.5 trillion to $5.9 trillion. we're still going to get $2.4 trillion more spending. we're just not going to get $2.5 trillion more spending. i view the sequester as a very tiny step in the right direction. >> jared, you look at some of these figure, if you include the emergency money more hurricane sandy, that just means we've had a 30% increase since 2008. now under the so-called sequester, we'll have a 5% increase. it's not like we're ripping the government to shreds. >> look, the way this works is you get negative fiscal impulse when you do less then th year than you did last year. let's go to the non-partisan congressional budget office. they told us on tuesday this year they expect the economy to grow 1.4%. i don't think there's anybody listening to my voice on our financial news network of cnbc who likes that number, 1.4%. i suspect you don
obama. once again obama is pushing for higher taxes. don't take our word for it. listen to what he said last night just before the sboel. >> there is a way to solve the budget problems in a responsible way through a balanced approach that the vast majority of people agree with. if we do there is no reason we can't have strong growth in 2013. we can't b have washington dysfunction getting in the way. >> with all respect, free market capitalism is the best path to prosperi prosperity. more tax hikes will not hurt this economy. let's not push our luck. republicans will block it. we'll be right back. ♪ if loving you is wrong ♪ i don't wanna be right [ record scratch ] what?! it's not bad for you. it just tastes that way. [ female announcer ] honey nut cheerios cereal -- heart-healthy, whole grain oats. you can't go wrong loving it. >>> stock market correction today. i still believe rising profits and an easy fed will keep the bull market going -- at least until the president tax bombs us to death again. that's what obama said before the super bowl yesterday which could be the real reaso
kicking in. i say bring it, it's time to cut spending. >> meanwhile, president obama is out on the campaign trail pushing his state of the union spending plan, which frankly also has no chance either. we're about to talk with a business leader ewho says the president stay put, work on corporate tax reform and pass a balanced budget. and the nightmare continues for the passengers on the disabled vessel in mexico. and the attacks on the company and the carnival ceo are just beginning. we're going to have the latest. the "kudlow report" begins right now. >>> all right. first up tonight, the democrats actually now have their own sequester plan. believe it or not. no budget but a sequester plan. let's get all the details from hampton pearson. he is live for us. >> good evening, larry. senate democrats have a plan but it looks like a nonstart with her congressional republicans. the plan, replace one year of the sequester with a combination of defense cuts, domestic cats and more tax hikes. it includes $27.5 billion in defense cuts but they wouldn't start until january 2014 and be
and they'll do it >>> good evening. i'm larry cud doe. this is "the kudlow report." president obama's poll numbers are way down and lack of jobs is the key reason. the president has no priority growth plan. the s & p 500 stock index did rise for the sixth straight week. but a key question tonight is whether apple will pay a bigger dividend with its excess cash. plus is there really a global currency war that could disrupt the entire world financial scene? >>> and then what about benghazi? at a key senate hearing, the secretary of defense revealed after five months that while four americans died tragically, president obama and hillary clinton were awol and the defense department and the joint chiefs of staff were apparently unable to do anything to save our boys. tough story. we'll talk about it. "the kudlow report" begins right now. >>> first up the big story this evening. the northeast getting pounded with snow. nbc's jay gray is in boston, and that's still expected to be where the worst of it will happen. jay, governor patrick in massachusetts ordered all cars off the road at 4:00 p.m. t
morris rogers. welcome back. let me go to you right now. first up, can you do business with president obama? he is opposed to this and wants to rewrite it and defer it change it? can you do business? >> i think it simimportant to remember that these devastating cuts were his ideas. it was the republicans that have put forward two times now proposals to replace these cuts with other ways to reduce spending. we passed these six months ago. we need the democrats to put their proposals forward. why is it that spending cuts are bad for the economy but tax increases are somehow not bad for the economy? i don't understand that logic. we need both. we have been having this debate back and forth. that is part of the problem. and we need some spending restraint. the big area where we need it is in health care. the rising health care cost is in growth to the economy. if we can find ways to bring down the costs of health care we can have a win win. >> the report that came out, which shows a slight decline in the deficit goes back up over $1 trillion in ten years because of social security and yet the presi
, everyone. i'm larry kudlow. this is "the kudlow report." you heard it. president obama slams the republicans, predicting dire results if they don't avoid the sequester. but is this the very same president obama who said this about that same sequester less than 18 months ago? >> some in congress are trying to undo these automatic spending cuts. my message to them is simp -- no. i will veto any effort to get rid of those automatic spending cuts domestic and defense spending. there will be no easy off-ramps on this one. >>> well, i wish he would make up his mind. remember, this was president obama's god. now he needs to blame somebody else for it. here's the thing, he should be embracing the sequester. why? smaller government is essential to a prosperous economy. as the mainstream media become the president's lapdog? are they just victims of president obama? even pillars of the media establishment are starting to complain about their lack of any access to the president. now, here's some good news this evening. check out the markets, dow and s&p 500 making new five-year highs, na
report." all right, yesterday gdp fell slightly. today jobless claims jumped by 38,000. so is the obama economy really slumping? and how stupid is it for the president to dissolve his jobs council, which by the way was nothing more than business window dressing anyway. at least today congress did pass a debt ceiling extension so we won't go bankrupt immediately. joining me now, cnbc chief international correspondent michelle caruso cabrera and laffer. i want to ask you about this whole business. government spending on defense really collapsed and helped bring down yesterday's gdp. >> yes, it did. >> so all the liberals are saying see, we told you so, if you cut spending, you're going to ruin the economy. do you believe that? >> no, not at all. government spending is taxation. milton always said it. the government redistributes resources. you can see it really clearly. two-person world, farmer a and farmer b, if farmer b gets unemployment benefits, who do you think pays for them, farmer a? you know, government spending is taxation. the reason we have the great recession is because of the
the armageddon scare tactics coming out of team obama, we took a closer look at the cbo numbers and this big bad budget cut is not -- is just $44 billion. it is not the $85 billion that has been advertised. and you know what, $44 billion compared to our overall budget spending and our gdp is nothing. but many of the mainstream news media are echoing white house scare tactics and one question is whether the gop can take the pressure. there's eight days before the sequester kicks in. can republicans take the pressure? and finally, let's not forget the other big money stories right now, stocks suffer their first day of the year on fears maybe the fed may stop all that money printing. but i think that too is much ado about nothing. help is on the way, the "kudlow report" begins right now. >>> first up this evening, president obama continuing to resort to sequester scare tactics, lobbying against those automatic spending cuts that were really his own brain child. take a listen to what he said about the cuts on the day he signed the budget control act back in august 2011. >> this compromise guarantees
optimistic view. >>> and finally, what in the world was popular first lady michelle obama doing in the spotlight last night at the oscars? what was hollywood trying to say by giving away the most important moment of the evening? i don't know. we'll find out. "the kudlow report" begins right now. >>> let's start with today's rough day on wall street. turns out it's the biggest selloff day since after president obama's re-election. and it looks like electoral chaos in italy. nobody better to tell us than sima. >> the dow jones industrial went from hitting a five-year high to a one-month low all in the same day. looks walk through this volatile day. we started out with a rally on wall street. strong earnings from lows initially providing a nice left to equities, but then results from the italian election started to trickle in, showing no clear winner. further points returning to results that would be inconclusive, which means italians would potentially have to vote again. u.s. ten-year yield moving lower as investors looked for safety in wake of the italian election. the fear index
right. let me go to morgan. what's your take on this? you've heard all this rhetoric. president obama. sudden harsh arbitrary cuts will jeopardize military, slow recovery, and cost us thousands of jobs. so morgan, what do you make of that? >> haven't we heard this all before? we've heard this all before. they scared us before the election with the fear tactics about women. they're going to take your birth control away. they're going to take abortion away. it's always fear tactics with the left. always. and the thing is if the republicans do not stand strong the ball is in their court. they're holding the cards. if they flinch and they let this go, the opportunity -- >> the base will walk away. >> base will walk away. >> the base will walk away and the party will self-destruct. it's split so badly. it will self-destruct. >> look, we need to have cuts. some way. this way they are guaranteed to happen. >> these little puny nothing cuts. rana, what's your response to this? you're on, shall we say, the other side of the street. what is your response? >> i'm going to shock with you and agre
. this is "the kudlow report." president obama took to the road today selling last night's state of the union message. regrettably i have to say i think i heard one of the most interventionist, regulatory heavy and government-planning messages in the history. still more infrastructure, even capping climate change and all i wanted was full fledged tax reform or maybe the keystone pipeline. the left wing greenies pulling out all the stops and warning the president not to go there. some celebrities even got arrested froprotesting the pipee at the white house today. >> and the head of the unions wants more and more of our taxpayer money and he's threatening any democrat who doesn't go along. and guess who facebook executive mark zuckerberg is throwing a political fund-raiser for right at this hours? it's probably not who you think. anyway, we're "the kudlow report." we'll tell you later, but we begin right now. >>> first up, so the president proposing more, more government spending on manufacturing, more on housing, education, infrastructure, climate change, green energy. here's my take. if it wa
tonight, president obama's state of the union address tomorrow night supposed to be about improving the economy and saving jobs. but i'm hearing tax increases. do they have any faith in this white house? what are they worried about? and can the stock market rally continue if washington starts to meddle again too much? we'll ask top names like bob lutz, obama supporter robert wolfe, and many more. >>> speaking of government meddling, red flags up again about obama care. killing jobs, even government jobs. one of the nation's most prominent surgeons told president obama to his face at last week's national prayer breakfast that he has a much better idea nap surgeon is going to join us this evening. "the kudlow report" begins right now. >>> first up, call it the marijuana shocker. the pope is stepping down. pope benedict xvi announced his decision this morning saying he no longer has the strength to carry on with his mission as the leader of the 1.2 billion catholics around the world. here now is news vatican analyst george wiegel. and spokeswoman kathy ruse, now with the family researc
't function. kids won't eat, they won't be able to go to school. what is obama thinking he's accomplishing with all this gloom and doom. >> he knows he'll lose the sequester fight because congress does better than nothing any other institution on earth. the sequester takes effect. the reason he's making a big fight or sequester he knows his $300 billion of tax increases are going to mess up the economy. he knows that your optimistic projections are not going to happen because of his tax policies. so what he's doing is inventing this boogieman, 85 billion of sequester. it won't be 300 billion of taxes or 200 on payroll or 70 on rich or capital gains. 85 million of cuts. >> spending terms 45, less than that. so small, it's so small it is one quarter of 1% of gdp. so you're saying he's going to blame a double dip recession on this? >> we're all to discussion on who wins the blame game the president corning. that's not the issue. the question is what your blaming? i believe obama's concern is not to blame the cuts, not to blame anything but to blame the bad economic news that his tax increase
conference today, president obama sounds a dire economic warning over the sequester he calls for yet another delay in those spending cuts. and he calls for another tax increase. now it's up to republicans to respond. remember, spending cut sequester goes into effect in 24 days on march 1st. the sequester by the way was originally the president's idea. let's get right to what the president said. john harwood joins us thousanow all the details. >> as you know, there are two ways to go about deficit reduction under the sequester law passed in 2011. one is the full ten year sequester. that's $1.2 trillion in budget cuts over ten years. the other is to do it piece meal. if do you it just for the rest of of the year, it would just be $85 billion. president obama said if congress can't agree with the full pack annual by march 1st, we need to do something smaller in the name of staving off damage to the economy, to consumer, and to federal workers. here's the president. >> if congress can't act immediately on a bigger package, about they can't get a bigger package done by the time the sequester is s
. and guess what today? president obama actually dialed up republican leaders john boehner and mitch mcconnell to talk about the sequester. this is good. it's called communication. we'll have a full report coming up from our man in washington robert costa. remember how we told the other night about how federal workers are still getting pay raises despite a so-called pay freeze? it turns out federal worker pensions are facing huge unfunded liabilities that could bankrupt them and force a new taxpayer bailout. but on the whole, folks, have no fear, america. help is on the way. this is "the kudlow report" and it starts right now. >>> all right. first up tonight the sky is not falling. even the president's own press secretary backed up president obama's sequester threat of mass layoffs. take a listen to jay carney. >> we agree with the consensus estimates here again from private outside economic firms from the congressional budget office that say we would lose, the country would lose up to 750,000 jobs if the sequester were allowed to be implemented. >> talking about hundreds of thousands o
tom coburn. meanwhile, president obama won't stop his sequester scare tack i can roadshow. he is calling it a self-inflicted wound on the economy and john boehner has it right telling democrats to get off their ass and pass a pill and with all due respect to my friends at cpac, they're nuts not to invite new jersey chris christie to speak at their upcoming convention. governor christie is a mainstream conservative. i am larry kudlow. the kudlow report begins right now. >>> bernanke and john boehner all today chief washington correspondent john harwood joins us with the details. good evening, john. >> good evening. more today of this long running effort by president obama to goed republicans to compromise with him by agreeing to additional tax increases and spending cuts to replace the sequester. today he went to new port news virginia with a lot of defense installations and made the case that defense workers would be hurt by the sequester even if all the impacts aren't felt immediately. >> the impact of this policy won't be felt over night. it will weaken our recovery, our mil
the same size as it was when president obama took office, the unemployment rate today would be over 10%. this is a number nobody talks about anymore. it's a stunning number. there's simply not enough people in the workforce. and that's what makes me worry about the long-term viability of the recovery. >> and people are still withdrawn. 169,000 left the labor force in the month of january. that cannot be good. 8.5 million people are not even over the labor force in the past four years. 8.5 million people have withdrawn from the labor force. i mean, that's a terrible number. i'm not making a case, by the way. i'm not a bull on the economy because i think there are too many problems on policies and whatnot. but these jobs numbers generally, they keep looking very, very, very mediocre. >> i tell my folks back home, we can ignore the rates, ignore the revisions. the one question, the one question only is how many jobs did we create last quarter? until that number is 200,000 or 250,000 i think there's a lot to be concerned with. >> the one thing i'll ask, though, i know you're not here for y
>>> good morning. in the state of the union, president obama presses congress on issues including taxes, entitlements, immigration, and gun control. >>> market milestones. the dow turning in its highest close of the year. announcing 1% of an all-time record. >>> and in corporate news, comcast is buying the rest of nbcuniversal from general election for $16.7 billion. it's wednesday, february 13, 2013. "squawk box" begins right now. >>> good morning, everyone, welcome to "squawk box" on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. we are following major stories. after yesterday's close on wall street, u.s. equity futures this morning, well, you see they are fight a little bit higher. -- they are fight a little bit higher. after gains yesterday, the dow up more than 45 points yesterday. our guest host is westwood capital's len bloom. the next hour, famed investor and billionaire real estate tycoon, sam zell. top-ranked money manager don yakman. his fund have seen annual returns of 10% over the last five years. we'll also talk about how business leaders and inv
to have to defend the president here. but for you to say that president obama came one a bad program, the sequester thing, is one of the few plans he's ever come up with that i like. and any cabinet member that cannot make a cut of 1.25% should immediately step down. he's not capable of managing if he can't make those cuts in a reasonable and rational way. this is the same game we always play. when you have to make a little cut, you claim we have to cut food safety, we have to cut airline security. you absolutely don't. there's enough waste and bloating you could make reasonable cuts. >> this is obama's plan. and this is a good thing. this is like the drones. i like the drones and i like the sequester. but he's disowning the sequester. >> but they let him get away with it. we've got to make this clear. this is obama's plan. he designed it. he created it. >> republicans also back the sequester. they're both responsible for this mess. and it's a mess. and i think what's going to happen, you're the insider on capitol hill inside of the cloak room. i'm interested in your take. i think th
bank. >> and we're just hours away from president obama's state of the union address. he's expected to call on more tax hikes and fewer spending cuts. >> announcer: you're watching "worldwide exchange," bringing you bes news from around the world. >>> welcome to today's program. it is tuesday. >> yeah. >> and loreal is talking about the strong euro in france. >> right into trading down double digits this morning. another story in italy, it seems like the entire world press core at this point will be desending on trade. >> yes, they will, with the pope and the italian elections. >> i think it was something like 10,000 journalists for the pope the last time. it's a huge event. it will be four days after the italian election. >> i don't know how the bars cope, frankly, right when that's going on. >> we're going to head to the stages of hollywood, florida. the etf shows in signs of chilling down. >> and we'll get a view from the french finance minister on the strength of the euro. plus we'll get a view from seoul as firms have conducted a third nuclear test. >> and we'll be looking at l
in on president obama in newport news, virginia. a big shipbuilding and military site down there in norfolk, chesapeake bay area. when we come back, talking about big federal budget cuts among other things will affect defense scheduled to kick in on friday. john harwood is monitoring this and will join us after a quick break. we will take you there to newport news when "power lunch" returns. >>> meantime, ty, gold is getting a big boost, gold up $28, all due to the fed chairman mr. bernanke. we'll have the closing numbers for you. >>> then what happens when things get personal in business. macy's head and martha stewart were friends before martha hooked up with jcpenney. they are not friends anymore. [ whirring ] [ creaking ] [ male announcer ] trophies and awards lift you up. but they can also hold you back. unless you ask, what's next? [ zapping ] [ clang ] this is the next level of performance. the next level of innovation. the next rx. the f sport. this is the pursuit of perfection. but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose wh
employs. >> this is the worst defense i have heard. this is an obama-type defense on spending cuts. next thing you want is revenues to help the post office go through. what's go pac? i'm sorry. >> it's a teachable moment as guy talked about. this is what happens when you allow the government to come in and run an industry that in treery is private. it is not. any decision the post office wants to make to become more efficient, they have to say mother may i. in this administration you see whether it's the epa that wants to continue to regulate the energy industry, trying to do more in the car industry, trying to take over the health care industry. >> can i just interject? you see the problems between government has mother may i decisions over the economy. >> it has nothing to do with the obama administration. the problems of the post office go back way before president obama existed. the reality is it's an inefficient organization that has to answer to the government to make decisions. the problem is people aren't using the post office. >> let me make a quick point. first of all it's not
significant adjustments. >> that was president-elect obama in 2008 on the coming bailout of the auto industry. significant adjustments including the bankruptcy of general motors days after my next guest landed in the driver's seat at g.m. ed whitaker knew nothing about the car business before serving as chairman and ceo oh of gm 2009 and 2010. a story he tells in "american turnaround." great to have you here. >> great to be here. >> what a great read. your book has terrific lessons. you say it's not magic, it's management. businesses aren't democracies. what did your role in the bailout in such a challenging time for the country teach you about managing and management? >> i have always thought management was responsible for what happened. this taught me once again that's a true statement. spimt's about leadership. >> the lead. >> what were the big problems at gm that you could not have known br you arrived in detroit? >> i thought gm had a vision. but when i got there i found out they didn't. i thought it was very important we establish a vision which we did early on oh which was to design, b
. >>> and the first 30-year bond in years. the test of market sentiment ahead of the election. >>> and president obama uses his state of the union speech to urge congress to end the battle over the budget and work together to boost the u.s. economy and help the middle class. >> together we have cleared away the rubble of crisis. we can say with renewed confidence that the state of our union is strong. >>> there we go. >> who doesn't love to kick off a wednesday morning with the iea monthly oil report? >> they have lowered their oil demand growth expectations on weaker gdp forecasts. demand growth, 840,000 barrels a day in 2013. they've cut the forecast for opec crude to 29.8 million barrels a day. they say oil supply will hit a 12-month low in january. >> can we show crude and look at the reaction there? we'll take a look in one second. what else are they saying in this report? >> they say the non-opec supply will be rising. opec supply will be falling. non-opec supply is rising, one million barrels a day this year. then they talk about iran oil production hovering below the lowest in 30 years. new sa
breaking news stories this hour. president obama to speak in 15 minutes time. he will ask congress to come up with short-term packages to put off automotiatic spending cuts. hampton, we begin with you, budget office right now releasing its budget and economic outlook. give us details. >> reporter: the budget office, assumes no change in current laws, 2013 fiscal year budget deficit, $845 billion. cbo projects first time below $1 trillion since 2008, 5% of gdp, well below the peak of 2009. saying deficits decline as a percentage of gdp could dip as low as 2.4% in 2015. then they start to rise again in 2016. that 10-year-old cbo deficit projection increased overall to 4.6 trillion for the 2013 decade up from $20.2 trillion in it's previous. cbo sees real gdp growing 1.4% in 2013, the sub died growth limits businesses to hire more workers, cbo projecting unemployment rate to stay near 8% this year, also expecting unemployment rate to remain above 7.5% through 2014. debt and deficits will be larger, the cbo says, if current laws were modified and rising health care cost and increased federal h
tore president obama to derail this rally, now that we don't have to worry about the debt ceiling? >> not only debt ceiling but last tuesday he put up sequestration. we're not going to come to an agreement, a couple of solutions, kick that can down the road, time to think and talk about it. you saw it grind higher. not real volume. listen, you want them, pay up, we're happy to sell on the way up. >> we're going to talk about apple during the course of the session, course of the program. what is your takeaway from what tim cook said or didn't say today? >> listen, i think it's very interesting this whole conversation with what einhorn has now created with apple. this conversation ensuing. i like apple. i like apple where it is at the moment. >> did you like it all the way down. >> i said a long time ago when it started to crack at 700, you had to be careful. there's so many names we saw at the end of the year, get into it, push and push the way the market got ahead of itself. i fully expect the market will back off some. it needs to some. if you look it up, exactly what it did over
.s.-israeli operation hatched during the bush administration and accelerated under president obama. according to the report, the operation was code-named "olympic games." [ticking] coming up: american agents track the world's most notorious arms dealer. >> he's arming not only designated terrorist groups, insurgent groups, but he's also arming very powerful drug trafficking cartels around the globe. >> the "merchant of death," when 60 minutes on cnbc returns. [ticking] ♪ [ male announcer ] when we built the cadillac ats from the ground up to be the world's best sport sedan... ♪ ...people noticed. ♪ the all-new cadillac ats -- 2013 north american car of the year. ♪ for a limited time, take advantage of this exceptional offer on the all-new cadillac ats. exceptional offer living with moderate to semeans living with pain.is it could also mean living with joint damage. humira, adalimumab, can help treat more than just the pain. for many adults, humira is clinically proven to help relieve pain and stop further joint damage. humira can lower your ability to fight infections, including tuber
, and that in other countries, cyber attacks have plunged entire cities into darkness. >> president obama didn't say which country had been plunged into darkness by computer hackers, but we found out. it was brazil. we also found out that hackers have been infiltrating everything from our defense networks to the financial systems. bank robbers are now stealing more money with computers than they are with guns. >> this map is showing a visual representation of where all of the known infections of conficker are across the world. >> computer analysts say it's like a sleeper cell, and it may be poised to suck sensitive data out of millions and millions of computers. >> it takes time to read the manuals. i'm gonna save you that time. 'cause i stay home on saturday nights and read them for you. >> you and the rest of the geeks? >> there's millions of us out there. >> everybody, let's hear it! geek squad! [cheering] >> welcome to 60 minutes on cnbc. i'm steve kroft. in this edition, we take a look at technology. we examine how breaches in digital security threaten everything from weapons systems to bank ac
, not try to shrink some pieces of the pie and enlarge others. and i've never been clear on how mr. obama sees the economy and whether he winunderstands that. if you're going to take away from some in order to give to others, i don't think that will be effective or received very well outside his base. >> a year ago it was the buffet rule. it was warren buffett's secretary in the first lady's box this year it's going to be the likes of a tim cook bringing mcintosh production back to the states. do you think we've edged off of that class warfare a about bit? >> i don't know. i want to hear what the president has to say. i have heard different things but have not read the speech. if he wants to go protectionist, for example, i think that will be poorly received, frankly, again, outside of his own union base and so forth. the tim cook thing is fascinating. i get that. if you bring manufacturing facilities home, that would be great. cut the corporate tax rate that would give them an incentive. regulate less that would give them an incentive to come home. >> certainly he will talk about incenti
the nation's security would be compromised by the sequester cuts. is that true? president obama's undersecretary of defense says prudent cuts are necessary and comparable. and we'll talk about using drone strikes to kill traitorrous citizens overseas. "the kudlow report" begins right now. >> first up president obama is starting to feel the heat. republicans are less and less likely to give in to his demand to raise taxes and they are publicly presenting a united front over impending budget cuts. that means sequester, which was obama's idea. it's going to happen. but listen to how the president attacked republicans today. >> they recognize that the sequester is a bad idea, but what they have suggested is the only way to replace it now is for us to cut social security, cut medicare and not close a single loophole, not raise any additional revenue from the wealthiest americans or corporations. >> there you go. additional revenue. joining me, robert costa. i was at the heritage foundation's seminar today for new and old congressional members. the vibe i picked up is, a, no new taxes
revolution, chairman of the case foundation and a member of president obama's jobs and competitiveness council. steve, good morning. >> good morning. >> a lot of inflection points in those speeches last night. but the notion of h 1 b, immigration, got a huge ovation. i wonder if you think this is real this time, and if so, what has changed? what makes this possible now? >> i think it is a moment there's now bipartisan support for a comprehensive immigration reform approach. i think people in talking about this for more than a decade, in the technology and entrepreneurial community have been talking about stapling green cards to diplomas. now it feels like republicans and democrats are coming together. so hopefully in the next few months we can build this coalition and pass immigration reform with a strong robust high-skilled immigration component. >> you're going to testify today before the senate judiciary committee on this topic. what is the net effect going to be on the effectiveness of startups in this country, on the labor market? because some are still making the market it's actu
the by that release and after the numbers we eke talk. >>> plus, president obama is asking congress to come up and new tax revenues in order to help the deficit. we'll have a conversation with represent dave camp coming up later in the program. stay with us. m charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime. tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 all this with no trade minimums. tdd#: 1-800-345-2550 and only $8.95 a trade. tdd#: 1-800-345-2550 open an account with a $50,000 deposit, tdd#: 1-800-345-2550 and get 6 months commission-free trades. tdd#: 1-800-345-2550 call 1-866-294-5411. more "likes." more tweets. so, beginning today, my son brock and his whole team will be our new senior social media strategists. any questions? since we make radiator valves wouldn't it be better if we just let fedex help us to expand to
.e.c. commissioners from ruling on many cases, and president obama's nominee to run that agency now, mary jo white, could make it even harder for things to get done if she's approved by the senate. eamon javers is in washington to explain. eamon? >> reporter: hi, bill, the "wall street journal" reported today that a raft of conflict of interests at the s.e.c. could make it difficult for the wall street watchdog to weigh in on high-profile matters, issues that some the s.e.c. have worked on for past employers. for example, "the journal" said president obama's s.e.c. chair nominee mary jo white would not be able to vote on any case involving jpmorgan for two years after taking the job because jpmorgan was a client at a previous law firm. and daniel gallagher would have a conflict of interest on jpmorgan cases, too. he came from a law firm that helped jpmorgan investigate the london whale trading fiasco. such vacancies could give the s.e.c. bare number of minimum commissioners to field a quorum on certain cases which could potentially weaken the commission. s.e.c. declined to comment to the newspaper
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need and is president obama correct to say that tax revenue needs to be part of that solution? >> i would say we are half way there. unfortunately, we have done easy stuff. we raised taxes on rich people and we've capped discretionary send itting without saying exactly what we would cut. we haven't done anything to reform a tax code. we haven't done anything to reform our entitlement programs. to slow overrate of growth of the economy. we have to do that or we will never get to the promise land. i think president obama is right. that we still got to have some revenue in the mix. but again, the real focus has to be on reducing these entitlement costs. that's the big deal. >> senator, you agree that we need entitlement cuts but we also need revenue as part of the last phase of this deficit reduction? >> i do, indeed. you don't have to call it a tax increase. if you go into the tax expenditures, which are these loop holes, they are really spending any other name, earmarked, $1,100,000,000 of them. you can't spend your way out of this hole and can't tax your way out of this hole or grow
, a week from now, president obama is going to do his state of the union address, okay? typically the market doesn't respond well when the president talks. then we're going to start to get into some of the nitty-gritty, some of the spending issues. that would be a perfect opportunity for the market to give half of that back. so we've had a 6% rally. why not, you know, reclaim three of that percent over the course of the next few weeks. >> do you feel like we're acting a bit bullish with regard to the markets? i get the feeling it's more buying from kaufton as opposed to selling at this point, right? >> i think that's right. first of all, you've approached a couple of psychological hurdles on the dow and the s&p. we've seen what earnings season is going to give us. we're approaching the sequester cuts on march 1st and there is an increasing belief that they're going to be triggered. and so when you add on to that the fact that payroll taxes went up and the economy is going to be pretty sluggish here in the first half of the year. so i agree with phil that we're probably going to gi
in on regular conference calls with the white house. they're among the leaders the obama administration is turning to for advice on everything from the deficit to taxes to the broader economy. >>> then, after we talk to them, they're going to paint a picture for us, we're going to turn to two powerful investors for insight into what the conversation in washington means for the broader markets. cowen and company ceo jeff solomon will join us, and the bond king, bill gross. first, steve will bring us up to speed on the morning's top stories. steve? >> thank you, michelle. disney posting better than expected earnings and revenues after the bell. the company says it expects the next few quarters to be better on a stronger lineup of films and growing attendance at its theme parks. ceo bob iegory was on cnbc's "closing bell." >> you had a lot of ins and outs. basically, the trendser good. we had strong results at our domestic parks. the bookings have been pretty solid. advertising was okay. and generally speaking, our business performed well. and our interactive media group was profitable for
, we are "on the money," and we are on the state of the union. what the president obama laid out in the second term. >>> later, the president brought up an emerging technology, 3d printing. >> new workers are mastering the 3d printing that has the potential to revolutionize the way we make almost everything. >> we'll talk to an innovator in that field and hear her remarkable personal and professional story. back in a moment. in america today we're running to compete on the global stage. what we need are people prepared for the careers of our new economy. by 2025 we could have 20 million jobs without enough college graduates to fill them. that's why at devry university, we're teaming up with companies like cisco to help make sure everyone's ready with the know how we need for a new tomorrow. [ male announcer ] make sure america's ready. make sure you're ready. at devry.edu. ♪ >>> let's do it without the brinks manship that scares consumers and scares off investors. the greatest nation on earth -- the greatest nation on earth cannot keep conducting its business by drifting from o
. nemo dumped up to three feet of snow in some areas. president obama has declared connecticut a disaster area, which makes it eligible for federal aid and at least 15 deaths are blamed on the storm. travel delays are easing. amtrak says it will have limited services in new york and boston. it's not the typical story you hear about in the u.s. in february as tornados tear through mississippi. >>> three companies biggest investors have joined southeastern management's objecting to the deal. but the latest edition, 14% now say they'll vote against the buyout. as far as dell's stock is concerned in frankfurt, it is still up 2%. >> eric schmidt is cashing in. the google claim has filed to sell 42% of his shares in the company. he will sell shares through a regular trading plan spread out over a year to reduce the market impact. analysts say it could hint at him playing a smaller role in the company going forward. schmidt handed the reigns to larry paige in 2011. google shares down about 0.8%. still up about 11 fers, 12% over the last six months. different story than major competitor apple. >>
of the titans. >>> and japanese prime minister shinzo abe is heading to walk to talk to president obama. just what kind of reaction can abe expect from washington? we'll give you a preview. >>> before all that, let's recap what's happening in markets. we've seen more activity, in fact, higher volume over the last couple of sessions, really, than we've seen for much of the year. the volume is coming on a sell-off. u.s. markets fell yesterday following the release of the fed minutes. it was the worst day of the year for the s&p and nasdaq. as you can see, shedding 108 points there, a rare triple digit decline this year. energy and material stocks were the worst hit. all ten s&p sectors did hit the day lower. volatility on the rise. the vix rose nearly 20% on this session. the sell-off has continued overnight. the shanghai composite, the australian markets taking it on the chin. will i sixuan joins us from singapore. >> thank you, kelly. fears of an early access by the fed rocks sentiment here in asia today. the nikkei pulls back 1.4% from its 52-month high. investors remain cautious ahead of th
does and vice versa, today and this week it hasn't been holding up quite so much. now, president obama and republicans are digging in their heels just one day before the sequester kicks in. the president will host congressional leaders at the white house tomorrow, but expectations are pretty low the meeting will result in a deal to avoid the $85 billion in spending cuts. those would be phased in gradually. gun reducing costs are telling employees how furloughs would work. most federal workers require 30 days before they can be furloughed. for more joining us now is robert. welcome. just on this point about the u.s., we've seen markets not just holding up, but, in fact, doing quite well ahead of the sequester. why is that? >> well, i think there's an underlying -- there's real underlying evidence of the strength in the u.s. economy, which is partly allowing markets to look through what are clearly concerns about tightening in this economy. >> it's one thing that the u.s. is leading the recovery, perhaps leading this leg of the expansion. is it important in that sense? >> of course, the
. i think americans are going to wake up. when americans discover how bad obama care is and when obama care starts bankrupting state governments, i think you're going to see a huge rebellion against this president and his policies. >> but when -- when are they going to figure that out, senator? we've been talking about obama care for a long time now, and it's already costing businesses, you know, enormous amounts of money and stopping them from hiring any new headsed to the payroll so when are we going to figure this out in your view? when do you think that happens? >> when republicans begin to present our message better and we tell people whether you're rich, poor or middle class you'll have more jobs and more money if we leave money in your state, leave money in your pocket and that's how the economy will grow. when people figure that out, i think they will come back to the republican party, but they also have to see that what he's planning for us is -- it is bankrupting us as we speak. we're borrowing $50,000 a second and it can't go on. >> i didn't know it was a second. >> let me a
expressing outrage. meantime, china is calling for calm. >>> the state of the union, president obama set to deliver an address to congress tonight. and stocks getting a slow start to the week. the s&p falling for a fifth straight monday. today is tuesday, anyway, february 12th, 2013. and "squawk box" begins right now. >>> asian markets shrugging off the tests in north korea. but markets in china, taiwan remain closed. north korea says a miniaturize ed nuclear missile was tested. the u.s. ambassador to south korea responding to all of this. >> it's a very provocative act that undermines regional peace and stability and i think it would be critical for us to coordinate very closely with you and our colleagues in south korea going forward. >> we're going to talk more about washington's reaction and what this all means for geouncertainty and our guest hosts for this hour, jared bernstein who works as the chief economist for joe biden. tony is joining us and capital alpha markets managing director chuck gabriel. they're also going to talk state of the union. john harwood sat down with dave ax
. we'll see you soon. >> president obama's state of the union today. it's the countdown and it's on. cnbc bringing it to you live at 9:00 p.m. what the president says tonight could move your money big-time tomorrow. our panel of market pros is up next on what wall street wants to hear and doesn't want to hear. >>> and then later, if you build, it consumers may not necessarily come. up next, a warning that twitter's new partnership with american express could be a bridge too far when it comes to the privacy of online shoppers. we'll tell you about it. to make purchases using hashtags could fall flat because of privacy concerns. stick around for our heated amex twitter privacy debate. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can foc
. yes, tonight president obama expected to address among many issues the automatic spending cuts scheduled to hit on march 1st. >> let's bring in democratic congressman chris van hollen of maryland who is no fan of these cuts. good to see you, sir. thanks for joining us. >> good to be with you. >> what's the alternative to the cuts right now? what would you like to see instead rather than the march 1st cuts taking effect? >> i would like to achieve the same amount of deficit reduction but instead of deep, meaningful and arbitrary cuts you spread that deficit reduction over a longer period of time so you don't get the drag on economic growth. our proposal is to replace that $85 billion in sequester with a combination of cuts by getting rid of some of the ag subsidies, direct paints that have no useful purpose, eliminating taxpayer subsidies for big oil companies, and then applying the buffet rule on incomes above $2 million. that would replace the sequester for a year and give us an opportunity to come up with a long-term balanced approach based on tax reform and targeted cuts. >>
, president obama will attempt to pitch the job to firefighters against further raising taxes on the rich. ers kin and bowls will be here with a solution to the sequester. we'll talk about google as it nears $800 a share. and the company that has written detailed reports on how the chinese are hatching american industry. will join us live in the next hour of "squawk on the street." >> all right. make your past to post nine. >> they did it with the offering. this is holding. freeport did its giant equity offering and moves all the way down. eye a buyer here. >> goldman up on gnc. >> gnc has been remarkable. this is like herbalife is a supplement company. sh a retailer people just love and i think it goes higher. >> gilliad. >> when does it quit? the answer is never in an environment where you still get slow growth and they've got a lot of good stuff in the pipes. >> biomarin. >> this is one of those companies that has been a specialist in or fan drugs. i've had them on air on "mad money." they are a remarkably good cup. >> arco. are they in apple, are they out of apple? i think they're in apple
to canadian dollar weakness. watch the state of the union if president obama mentioned xl pipeline and says no go, more weakness to come for the canadian dollar. >> i'm sure the short the euro to 132. >> i'd be short aussie next week and don't be fooled by the japanese finance minister, yen will weaken. >> hopefully dollar yen will give us good fortune this week. >> your next chance for currency trade, sunday afternoon. have a great weekend. >>> i'm jim cramer. welcome to my world. >> you need to get in the game. >> he's nuts, they're nuts! they know nothing. >> i always like to say there's a bull market somewhere. >> "mad money," you can't afford to miss it. >> hey, i'm cramer. welcome to "mad money," welcome to cramerica. other people want to make friends, i'm trying to save you a little money. my job is not just to entertain you but to make you a little money. so call me. call it a pleasant day with the dow gaining 4.9 points, nasdaq falling. we hear from annie's. now i got to tell you after the hammering that haynes celestial took, what is this company? a much more expensive natural foo
't president obama squelching the small business job creator? the republicans like to say that. maybe or maybe just isn't squelching hard enough. otherwise you wouldn't be seeing such monster moves. in other words, business is strong enough to merit companies talking to each other about combining rather than thinking if you stick around and compete, it's almost a matter of time before the other guy keels over. the last man standing game seems like it's history. maybe this is a merger between two companies who failed to keel over. more important, though, it's a merger born of confidence, confidence that despite the runs in the stocks there's much more upside, because things are just plain better than we might realize. even though the stocks are up from where they were, they're still down huge from when times are good. that's the theme behind almost all the deals we've seen, all the ones worth talking about, it's the commonalty of the breathtaking number of takeovers, in a world where they were supposed to have fizzled like last year rather than ratcheting up as seems to be the case now. >>> all
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